Seminario "On Money as a Medium of Exchange in Near-Cashless Credit Economies"
Martes 20 de Noviembre, 17h | Sala Principal
We study the transmission of monetary policy in credit economies where money serves as a medium of exchange. We find that—in contrast to current conventional wisdom in policy-oriented research in monetary economics—the role of money in transactions can be a powerful conduit to asset prices and ultimately, aggregate consumption, investment, output, and welfare. Theoretically, we show that the cashless limit of the monetary equilibrium (as the cash-and-credit economy converges to a pure-credit economy) need not correspond to the equilibrium of the nonmonetary pure-credit economy. Quantitatively, we find that the magnitudes of the responses of prices and allocations to monetary policy in the monetary economy are sizeable—even in the cashless limit. Hence, as tools to assess the effects of monetary policy, monetary models without money are generically poor approximations— even to idealized highly developed credit economies that are able to accommodate a large volume of transactions with arbitrarily small aggregate real money balances.
Ricardo Lagos
Ricardo Lagos is currently Professor of Economics at New York University. His research interests are in macroeconomics, with emphasis on monetary and financial economics. Ricardo's research has been published in several journals, including American Economic Review, Econometrica, International Economic Review, Journal of Economic Theory, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, and Review of Economic Studies. He has served as Editor of the Journal of Economic Theory and Associate Editor of Economica, Journal of Economic Theory, Journal of Monetary Economics, and Review of Economic Dynamics.
Ricardo received his Ph.D. in Economics from the University of Pennsylvania in 1997. He has worked as a Lecturer (UK equivalent of Assistant Professor) in the Department of Economics at the London School of Economics, and as a Senior Economist at the Federal Reserve Bank of Minneapolis. He has taught Ph.D. courses in monetary economics at Indiana University, Princeton University, Universidad de Los Andes (Colombia), University of Minnesota, University of Tokyo, and Yale University, and is a regular Visiting Professor at Universidad Di Tella (Argentina). Ricardo has been a Visiting Scholar at the Bank of Canada and the Federal Reserve Banks of Cleveland, Minneapolis, New York, Philadelphia, and St. Louis.
Contacto: Cecilia Lafuente